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Cabinet approves draft GST bills

ANI  |  New Delhi [India] 

The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.

The aforementioned legislations are reported to be taken up for discussion in the later this week.

The meeting held earlier today was chaired by Prime Minister Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the to be rolled out as per schedule on July 1, 2017.

The Central, State, Union Territory and Integrated GSTs were earlier approved by the Council after multiple discussion over 12 meetings of the Council held in the last six months.

The CGST Bill makes provisions for levy and collection of on intra-state supply of goods or services for both by the Central On the other hand, IGST Bill makes provisions for levy and collection of on inter-state supply of goods or services or both by the Centre.

The UTGST Bill makes provisions for levy on collection on on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory is akin to States Goods and Services (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.

The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.

The incorporation of the is believed to ease the collection and payment of indirect taxes. Additionally, industry experts have revealed that payment can be monitored efficiently by the concerned authorities.

Earlier this year, Finance Minister Arun Jaitley, while presenting the Union Budget 2017-18, stated that country-wide outreach efforts are underway to explain the provisions of to various sectors of the society.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 20 2017. 12:45 IST
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